1. Sort and wash black-eyed peas; place in a large bowl. Cover with water to 2 inches above peas; soak for 8 hours or overnight. Drain.
2. Heat oil in a Dutch oven over medium-high heat. Add onion and next 4 ingredients (through jalapeño); sauté 7 minutes or until vegetables are tender. Stir in paprika and cumin; saute 1 minute. Add peas, water, and next 8 ingredients (through bay leaf), stirring to combine. Bring to a boil; cover, reduce heat, and simmer 50 minutes or until peas are tender. Discard bay leaf.
3. Combine 1 cup water and rice in a small saucepan; bring to a boil. Cover, reduce heat, and simmer for 12 minutes or until rice is tender and water is absorbed. Fluff rice with a fork, and stir into pea mixture. Top with green onions, if desired.